The government of Ukraine was able to convince the International Monetary Fund (IMF) in the absence of burning issue to raise the retirement age for Ukrainians up to 63.

"We have considered this unacceptable in our country right now and proposed a different solution to this issue. The discussions lasted four months. We managed to find a solution to this issue without raising the retirement age," the minister said.

Reva also noted that the general retirement age both for men and women in Ukraine would be 60. Ukrainian women can now retire at 58.5.

According to him, the pension reform initiated in 2011 stipulates women's retirement age to be annually increased by six months until 2021 which will make them retire when they reach the age of 60 similar to the men.

As reported, the pension reform, which must be adopted by the end of May 2017 under Memorandum between the IMF and Ukraine, is to enter into force on Jan. 1, 2018. The reform should include a new list of retirement options with a broader range of pension ages compared to the existing ones. A person will be also able to choose the terms and conditions for retirement depending on the general labor experience. In addition, the reform stipulates introduction of additional pension payments to reward longer careers and later retirement.

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